Economics

Trading forward in an imperfect market: the case of electricity in Britain

Article Abstract:

A study was conducted to evaluate the strategic behavior of oligopolies in the presence of contract markets and cash delivery markets. The study considers the case of the UK's electricity industry. Results show that such a market set-up was established to generate a competitive market for electrical services in the country. However, such a set-up faces problems involving monopoly over insurance contracts for electric supply, possibility of pre-commitment for specific output levels and collective action among regional electricity companies.

Spot market competition in the UK electricity industry

Article Abstract:

The deregulated British electrical power industry submits minimum bids to supply spot power to the National Grid Company. Bidding process can result in above marginal cost pricing and inefficient dispatching of electricity. Alternative proposal is a first-price auction in which generating systems can submit offer prices for each individual set and then be ranked by their offers. With this system, demand is realized and pricing is determined by supply and demand.

UK competitiveness policy vs. Japanese industrial policy

Article Abstract:

An analysis of UK and Japanese economic policies reveals that UK's competitiveness policy is trying to emulate a Japanese policy that does little to enhance the competitiveness of its industries and that Japan's edge lies in its superior educational system. The study also reveals that Japan is trying to be more British by privatizing and deregulating their industries.

Economic Programs, Administration of Economic Programs, Economics, Research and Development in the Social Sciences and Humanities, Evaluation, Economic policy, Industrial policy, Industry regulations, Government regulation of business, Trade regulation